"It’s important we deliver at times like these, and we do all we can to help consumers see the humanity of what we do, and the huge value protection offers."
- Neil Davies, Chief Operating Officer at AIG Life
In 2023, AIG Life paid 99% of Life Insurance (4,204) and Childrens Critical Illness (CI) claims (72), 95% of Terminal Illness Benefit (212) and CI claims (617), and 88% of Income Protection (IP) claims (110). Overall, AIG paid 95% of individual protection claims, equating to £394mn.
More than £164mn was paid in Life Insurance and/or Terminal Illness Benefit last year. The most common reason to claim was cancer (32%), followed by heart attack (17%), and respiratory conditions (13%). Notably, almost all (96%) of Terminal Illness Benefit claims were cancer-related with the youngest claimant just 22 years old.
AIG Life paid £38mn in CI claims for 617 policyholders and their loved ones. An additional 72 payments were made to families whose child(ren) had suffered from a covered condition or sadly passed away.
More than £2mn was paid in IP claims last year. Of those claims, 20% also received additional rehabilitation and recuperation support. The most common reason to claim was musculoskeletal conditions (33%), followed by mental health (19%), and cancer (9%).
AIG Life also paid almost £173k to more than 500 families through its Claims Support Fund. This discretionary fund pays up to £500 to cover unexpected costs during bereavement or illness, such as hospital parking and travel costs.
Moreover, £188mn was paid in claims to group risk members, providing more than 1,650 families with financial support during periods of ill-health or injury.
“Every single claim paid is a family or business we’ve helped during one of life’s toughest times. The feedback we receive from customers and their beneficiaries when they go through a bereavement or illness tells us that the claims we pay make a real difference,” said Neil Davies, Chief Operating Officer at AIG Life.
